The law would enable investors to generate electricity for the state and afford the state government to upgrade power infrastructure, as well as tapped into the gas market.
The power reform bill was one of the seven bills the governor signed into law on Thursday.
The other laws are Amended Land Use Charge Law, School of Nursing Law, Cooperative College Law, Cancer Research Institute Law, Amended Customary Court Law and the Yoruba Language Preservation and Promotion Law.
The Commissioner for Energy and Mineral Resources, Mr Olawale Oluwo, said the Power Sector Reform Law, would allow the state government to intervene in major areas of the power value chain to the overall benefit of the people.
He said, “One, the law puts the government in a position to be able to extend our guarantee to private sector participants who will come and generate power for us. By this guarantee, we are putting the balance sheet of our state on the table and assuring investors that as they generate power, they will get paid.
“Second, is to help the distribution companies to upgrade their infrastructure because if they generate the power and their infrastructure is still where it is today, clearly they will not have the capacity to carry the incremental power.
“The third area of intervention is that it (the law) empowers us to be able to open up the gas market in Lagos so that we can have gas on a consistent basis and that is how we can attain the 24-hour power supply.”
The Attorney General and Commissioner for Justice, Mr Adeniji Kazeem, stated that the development was historic for the state, adding that it signalled a resolve to further advance the dividends of democracy to the people.
He said, “This is a great day; the governor has just signed these bills into law and this shows that the House of Assembly is working in tandem with the executive. It also shows that Lagos is working. These laws are going to benefit the people of Lagos State.”
The Commissioner for Information and Strategy, Mr. Kehinde Bamigbetan, said the signing of the laws aptly confirmed Ambode’s commitment to institutionalise and enshrine good governance.
“Among the bills is the Amended Customary Law which is very important. For a long time, the customary court system in the local government has been shut down because of the bill. With this revision, the court will spring back to life,” he added.